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Jun 18 2011
A crisis will strike the U.S. economy within two years if politicians don't roll up their sleeves and address fiscal spending like they did in the 1990s, warns former Sen. Alan Simpson.
Jun 15 2011
The co-chair of President Obama's deficit commission says Obama's partisanship is making it harder to forge a deal on reducing the nation's massive public debt.
Jun 15 2011
A group of five lawmakers, led by Sens. Mark Warner (D., Va.) and Saxby Chambliss (R,. Ga.) is pitching their plan to reduce the federal budget deficit to a larger group of lawmakers, and on Tuesday met with roughly 25 senators to try and corral more support.
Jun 15 2011
A formula seems to be taking shape around which budget negotiators could agree to a package that would both raise the debt ceiling and cut the deficit. The ratio of $3 of spending cuts for every $1 of revenue increases came up repeatedly at a roundtable of lawmakers and budget experts yesterday sponsored by the Center for a Responsible Federal Budget.
Jun 14 2011
Alan Simpson talks about the chances for bipartisan compromise on the debt and deficit with Eliot Spitzer on CNN's In the Arena.
Jun 13 2011
With recent reports that the Senate Gang of Six has been working on a long-term deficit reduction plan of $4.7 trillion in cuts over 10 years, it is essential that the nation rally behind it. Only a bipartisan, all-of-the-above plan, with shared sacrifices from both parties, will show the public that Congress recognizes the serious nature of the nation’s current economic crisis and is willing to fix it. The gang’s plan is our best hope, and we would like to see all senators encourage its momentum. It deserves the full attention of those negotiating an increase in the federal debt ceiling, which must be coupled with long-term deficit reduction.
Jun 10 2011
The five remaining members of the Gang of Six on Thursday outlined to nearly 20 other senators the budget-cutting and fiscal changes they've reached consensus on — a development that Budget Committee Chairman Kent Conrad said was a sign the group is “close to reaching conclusion."
Jun 9 2011
(CNN) – Sen. Mark Warner, D-Virginia, said Thursday that the country can’t deal with the unemployment crisis unless it deals with the debt crisis, and failing to do so would "be an absolute job killer."
Jun 8 2011
Two members of the bipartisan “Gang of Six” senators said Wednesday that their group has continued working toward a long-term deficit-reduction plan even as another member, Sen. Tom Coburn (R-Okla.), declared last month he was “on sabbatical” after an impasse over entitlement reform.
Jun 7 2011
The road to economic recovery has developed some major potholes recently. First came housing data showing that prices had dropped to levels not seen since 2002. Then came a surprising dip in consumer sentiment. This was followed by a grim May jobs report: Private-sector job growth slowed, and the unemployment rate ticked up for a second straight month, to 9.1%.